Saab Australia placed in administration

The importer and distributor of Saab cars in Australia has been placed in administration owing roughly $2 million to its creditors.

Saab Australia has six staff operating out of Port Melbourne and just 10 new cars for sale in Australia.

The administrator Ferrier Hodgson says a creditors meeting will be held by the end of this week.

Partner Stuart McCallum says it was not unexpected as Saab's Swedish parent company entered bankruptcy in December 2011.

"This is as a result of the bankruptcy of the Saab cars' parent in Sweden, following the global financial crisis in 2008 and specifically the collapse of Lehman Brothers that led to a large shock in the global car industry including for Saab," he said.

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